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EXECUTIVE SUMMARY
 
2019 Missoula Housing Report Cover
Housing Development & Occupancy
Despite a growing population, a tight supply of real estate and a relatively tight rental market, construction did not increase in Missoula in 2018.
 
Multi-family unit construction, which had enjoyed significant increases from 2016 to 2017, suddenly dropped in 2018. Within the City of Missoula, permits for new multi-family units declined 64 percent, while county permits dropped 48 percent. However, duplex permits increased and single-family permits remained relatively level.
 
Residential lot sales remained the same in 2018 as they were in 2017, with 169 lots sold. The median price was $90,000.
 
Several large, previously approved subdivisions completed development phases in 2018, raising the total number of subdivision lots that had received final approval and were ready for building up to 322. However, only 18 residential lots entered the first stage of preliminary plat approval, none of them within the city.
 
In the City of Missoula, about 46 percent of housing units are occupied by their owners; in Missoula County owners occupy approximately 58 percent of the units.
 
Population & Income
Missoula County continued to grow, adding another 1,311 residents between 2016 and 2017. While most of that growth
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Berkshire Hathaway Chairman's Circle logo

Today, we were informed that we have been recognized with the Berkshire Hathaway Chairman’s Circle award for 2018. This recognition is given to agents who rank in the top 2% of agents in the entire Berkshire Hathaway network across the nation. We are truly blessed and incredibly thankful.

Cover Page Image, 2018 Missoula Housing ReportEXECUTIVE SUMMARY

 

Housing Development & Occupancy

 

Missoula’s growing population, along with a tight rental market and tight real estate supply, spurred an increase in construction in 2017. Residential lot sales rang in with 169 lots being sold in 2017, marking the third year in a row of high lot sales. The median price of those lots increased 8.1 percent in 2017, to $92,500.

 

Building permits within the City of Missoula remained high for the second year in a row, with a total of 758 units permitted. At the county level, single-family building permits increased by 25 percent in 2017 and multi-family units increased by 162 percent over the previous year. However, according to US Census Bureau estimates, county-wide growth in the housing stock lagged slightly behind growth in the number of households between 2010 and 2016.

 

The number of Townhome Exemption Development units permitted also increased in the city. In addition, after three years of relative inactivity, Missoula saw a substantial increase in the number of preliminary plat approvals for subdivisions.

 

In the City of Missoula, about 46 percent of housing units are occupied by their owners; in Missoula County, owners occupy about 57 percent Read more

Making Missoula Home Cover Page - 2018Recognizing the growing issues of housing affordability facing the greater Missoula area, in the winter of 2016-2017 the Missoula Organization of REALTORS® began assembling both private and public-sector partners towards the goal of commissioning a study to analyze the housing market conditions and provide recommendations for strategies to promote more housing affordability.

 

In March 2017, Werwath associates was retained to collect data and research that characterized the demographic and housing market conditions, analyze the current state of housing affordability, survey both housing consumers and the building industry, analyze both regulatory and no-regulatory housing development constraints, and to provide concise recommendations for new strategies to increase housing affordability.

 

The process of compiling this report included a deep review of housing, workforce, and demographic information from the Census and local sources, over 30 stakeholder interviews (see Appendix I for a complete list), a review of housing market and housing development cost data, as well as a review of key regulations impacting housing development for both the City of Missoula and Missoula County.

 

The process of compiling this report was overseen by a diverse advisory group that included representatives from the city, county, building industry, REALTORS®, lenders, local businesses, and Read more

Berkshire Hathaway President's Circle logoIt gives us great pleasure to announce that we have been awarded the Berkshire Hathaway HomeServices President’s Circle award for 2017. This recognition is given to agent teams who rank among the top agent teams in the entire BHHS network. We are truly blessed and incredibly thankful.